The quality management standards bring important changes to the way professional accountancy firms are expected to manage quality for audits, reviews, and other assurance and related services engagements. They include a new proactive risk-based approach to effective quality management systems within firms that establish the foundation for consistent engagement quality.
The new standards intend to improve engagement quality through:
- Modernizing the standards for an evolving and increasingly complex environment, including addressing the impact of technology, networks, and use of external service providers
- Increasing firm leadership responsibilities and accountability, and improving firm governance
- More rigorous monitoring of quality management systems and remediating deficiencies
- Enhancing the engagement partner’s responsibility for audit engagement leadership and audit quality; and
- Addressing the robustness of engagement quality reviews, including engagement selection, documentation, and performance.
Design, implement and operate a system of quality management
Read and understand the new quality management standards
The new suite of quality management standards comprising Singapore Standard on Quality Management (SSQM) 1, SSQM 2, Singapore Standard on Auditing (SSA) 220 (Revised), Conforming Amendments to SSAs and Conforming Amendments to Other Standards are effective 15 December 2022.
Design your firm's system of quality management
Attend Quality Management workshops and webinars
Access Quality Management publications and resources
Get support for implementation - ISCA Quality Assurance Review Programme
Get certified - ISCA Voluntary Compliance Programme
ISCA Audit Bulletin 3 Implementation of Quality Management Standards
This Audit Bulletin contains frequently asked questions to assist firms in the implementation of the quality management standards
IAASB ISQM 1 First-Time Implementation Guide
This publication is to help firms understand the requirements and apply ISQM 1